Anchor: The nation’s exports slipped 18-and-a-half percent year-on-year in January. It marks the sharpest decline to be posted since August 2009 when the nation was in the doldrums from the global financial crisis.
Our Bae Joo-yon has more.

Report: The Ministry of Trade, Industry and Energy announced on Monday that the nation’s exports amounted to 36-point-seven billion U.S. dollars in January. That’s down 18-and-a-half percent from the same period last year.

The drop is the sharpest to be posted since August 2009 when exports fell nearly 21 percent.

Market observers believe the decline resulted from temporary factors, including a reduction in the number of operation days and in ship exports, as well as a decline in oil prices, a slowdown in the global economy and a drop in key export items’ unit costs.

The annual decline in exports last year stood at minus seven-point-nine percent. The sharpest drop was posted in October with minus 16 percent.

Imports also shrank 20-point-one percent during the same period to 31-point-four billion dollars.

The amounts of both exports and imports have declined for 13 consecutive months since January 2015.

The trade balance, meanwhile, has resulted in five-point-three billion dollars, posting a surplus for the 48th month.

As a result, efforts to post one trillion dollars in trade this year are expected to face difficulties.

South Korea failed to post one trillion dollars in trade last year, after recording the milestone for four straight years since 2011.

The trade ministry found that exports of petrochemical products fell sharply due to the drop in global oil prices. Exports of key items, including automobiles and steel, also saw drops.

However, new promising items, such as cosmetics and organic light-emitting diodes, showed growth in exports.
Bae Joo-yon, KBS World Radio News.